MaRS client Temporal Power Ltd. closes angel financing
Temporal Power’s revolutionary technology makes it easier to store and deliver power
Toronto, February 28, 2011 – MaRS Discovery District is pleased to announce that Temporal Power Ltd., one of its cleantech clients, has successfully closed a private investment round with angel investors. Temporal Power is the developer of a revolutionary proprietary flywheel energy storage system (FES) that can hold energy over multiple hour time periods or deliver high amounts of power over a short period of time. Temporal Power’s system is a clean technology that has no direct emissions and contains no toxic components.
“Closing our first financing round is a critical milestone for Temporal Power as we prepare to install energy storage in a range of applications to demonstrate the unique capability of our breakthrough technology,” says Cam Carver, CEO of Temporal Power. “MaRS has been instrumental in facilitating introductions to investors and supporting our ongoing commercialization efforts.”
With these and other successes in hand, Temporal Power is positioned to become a major player in the electricity storage market.
Temporal Power secured its investment through an ongoing series of MaRS cleantech angel events.
“MaRS has been working with Temporal Power for some time,” says Tom Rand, Cleantech Practice Lead at MaRS. “Grid-scale energy storage is a key component of the emerging smart-grid, but it is sometimes difficult to find a clear, definable value proposition for it over the short-term. Temporal Power has showed an ability to adapt its business model to target near-term opportunities with strategic partners, while working to develop long-term value. MaRS looks forward to helping Temporal Power bring its solution to global markets,” adds Rand.
About Temporal Power:
Temporal Power Limited (www.temporalpower.com) is a developer of electricity storage systems using a proprietary breakthrough flywheel technology. Temporal Power works with electrical utilities to deliver solutions to a range of challenges, including integrating renewable power. The company is based in Burlington, Ontario, Canada.
For more information, contact:
Cam Carver, CEO
About MaRS Discovery District:
MaRS Discovery District (www.marsdd.com) is a large scale, mission driven innovation centre located in Toronto and networked across Ontario, focused on building Canada’s next generation of technology companies. MaRS works closely with entrepreneurs in life sciences and health care, information, communications and entertainment technologies, clean tech, advanced materials and engineering, as well as innovative social purpose businesses.